Nikos Tzabouras, Senior Financial Editorial Writer at Tradu commented:


“The US is looking to further replenish its SPR, with up to 3.3 mbpd of crude, but the positive impact in prices was bound to be short-lived. Inventory built in the US, hopes for a Gaza ceasefire and prospects for slower demand growth this year, have been weighing on prices over the past few weeks. Uncertainty around the next steps of OPEC+ is not helpful either, while the higher-for-longer Fed narrative that boosts the greenback poses another headwind. On the other hand, the continuation of the Hamas-Israel war and the risk of spillover, along with OPEC+ supply curbs could prevent substantial weakness.”

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